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Our next passive income idea is another twist on crowdfunding called Patreon. The website is promoted as a crowdfunding website for creative people like artists and writers but really its own for anyone with a side-hustle notion.
Patreon is really how the arts used to operate hundreds of years back. Back during the renaissance, artists utilized to ask the rich to be their patrons to support their work through regular contributions.
So now the site Patreon gives you the opportunity to get patrons to your own works. You construct a community of individuals interested in your job, another usage of a site that will double-duty for this passive income strategy, and then ask them to make contributions each time you produce something. .
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Now patrons dont come away empty-handed, you offer rewards and copies of the work. So to get a writer, you could offer copies of your own books. You can promise to publicly thank patrons on your blog or to market something of theirs in the future.
Even if each patron only contributes a very small amount each month, it can still be a huge source of income. Have a look at the Patreon page for Kinda Funny, an internet movie company. They have over 6,209 patrons that means an average of just $3 a month would be a monthly income of almost $19,000 plus they get cheerleaders which are always happy to spread the word on their brand. .
Our past passive income source is creating your own brand and selling via Amazon FBA. This is one of the most exciting income thoughts Ive seen in years. Amazon FBA makes it easy to start your own retail company, to market your own products.
It was that you needed hundreds of thousands of bucks for manufacturing, marketing, logistics, everything that went into selling solutions. Together with Amazon FBA, you contract with a manufacturer to ship everything directly to Amazon warehouses throughout the country.
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The manufacturer is going to put everything together, package it and even put your tag on it. Then you simply run your advertising and market everything from your webpage on the worlds largest internet shopping site.
Amazon FBA gives you the opportunity to compete with all the biggest names in retail. Always wanted to start a toy company, proceed over Hasbro. Want a line of blue jeans along with your name stitched across the pocket, you can now get started for just a few thousand in inventory.
Ive got a few interviews on the site from people who have started stores through Amazon FBA. A couple of them are making high-income incomes in less than a year so $5,000 per month is easily attainable in less than that.
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Making valid passive income isnt as difficult as you might think. A number of the best passive income thoughts might take a little time to install but can begin cash flowing within a couple of months and will provide a consistent monthly income for years or more. The most important point is simply to begin.
In part three of this series we'll go over the differences between residual income and passive income. These two phrases are often used interchangeably, but in fact they are not the same thing. There are some similarities, but there are also some large differences between remaining income and passive income.Before I move onto part of the Residual Income Series. .
First, lets take a peek at what passive income is. Passive income essentially includes any money you earn without doing any job. Often times this money comes in investments of time or money that you have already made. With passive income the person does not have to be involved with the money that they are making.
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Residual income includes payments you will get after a sale. Normally these payments are agreed upon in advance and will continue long after the sale. A fantastic instance of this is royalties that someone gets for a movie or book. They only write the film or book once, but it can continue to be sold and resold again and More Info again, which permits you to continue to make money from your work.
Earning income can eventually turn into passive income with time, as you can eventually earn money without doing an extra work. .
Now that you know the differences between passive and residual income, It's time to learn about some of the most common methods people use to earn residual income:
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-Selling goods online: This is one of the most common ways to earn residual income. It usually involves a fee which has to be renewed each month per week, which will make it possible for you to continue to make money after the initial sale.